Servizi
iMENA Restructures as Saudi CJSC and Announces First Tranche of Pre-IPO Capital Increase
iMENA confirmed that it has now restructured into a Saudi Closed Joint Stock Company (CJSC) under the name of iMENA Holding. This transformation marks a major milestone in the company's evolution into a regional digital powerhouse, ahead of a potential public listing. Furthermore Saygin Yalcin will also join iMENA's Board of Directors and management committee to help drive strategic direction for the company.
A spokesperson at Sanabil Investments added: " "
Acting as financial advisor to iMENA Holding on the private placement, Hossam AlBasrawi, CEO of Al Rajhi Capital commented " ".
Closing of the capital raise remains subject to standard closing conditions and the approval of the authorities in Saudi Arabia .
iMENA Holding's new Board of Directors will comprise the following regional leaders and sector veterans:
Sanabil Investments will also appoint a member to the Board of Directors of iMENA Holding in due course.
iMENA's businesses, OpenSooq, SellAnyCar, and Jeeny, are regional leaders in horizontal and vertical marketplaces across the largest sectors in the region, including real estate, automotive, and mobility, with operations in Saudi Arabia, UAE,
Jordan , Oman , Kuwait, and the broader
Middle East region. iMENA's businesses are profitable and growing rapidly, with an average annual growth rate exceeding 55%. Almost 40% of the aggregate revenues of iMENA's businesses come from
Saudi Arabia , with another 40% from the UAE, making them iMENA's two core strategic markets. iMENA's businesses aim to serve as a compelling proxy for the digital economy in the
Middle East and North Africa region, giving investors direct exposure to the region's fastest-growing online sectors.
iMENA was founded in 2012, and has evolved into a regional internet champion, building and scaling high-growth internet businesses across the Middle East and North Africa region. The company was co-founded by Nasir Alsharif , Khaldoon Tabaza, and Adey Salamin , joined as part of this restructuring by Saygin Yalcin, plan to leverage their expertise in technology and investment to continue building and operating digital marketplaces. Over the years, iMENA has launched, acquired, scaled, and successfully exited from a number of successful regional platforms, thereby becoming a strategic consolidator in the digital economy.
Logo - https://mma.prnewswire.com/media/2673526/iMENA_Holding_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/imena-restructures-as-saudi-cjsc-and-announces-first-tranche-of-pre-ipo-capital-increase-302438930.html